Hong Kong continues efforts to strengthen ILS market

Hong Kong’s Insurance Authority is expanding its efforts to make its nascent insurance-linked securities market more attractive by working with Mainland China’s regulators and other relevant authorities on various market development initiatives, Artemis reported. In an effort to strengthen its ILS market, Hong Kong recently finalized its regulatory regime; created legislation for establishment of special purpose insurance or reinsurance vehicles for securitizations and catastrophe bond issuances; and launched grants for ILS issuances.